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Friday, 22 April 2016

FLAT FRIDAY CLOSE! THE MARKET HAS ENDED IN RED ON A DAY OF CONSOLIDATION

It was a day of
consolidation on Dalal Street with the benchmark indices closing flat for a
third consecutive day. The Sensex was down 42.24 points at 25838.14, and the
Nifty slipped 12.75 points at 7899.30. About 1242 shares advanced, 1313 shares
declined, and 165 shares were unchanged. The Bank Nifty was the outperformer even
for the week clocking 2.7 percent gains. The index closed at a nearly a four
month high today. SBI and Axis Bank gained 1-3 percent in today's trade. HDFC
Bank, India’s second largest private sector, reported good January-March
results on the back of a robust growth in its loan book. Meanwhile, China stocks edged up on Friday, as strength in consumer
and tech shares offset a slump in resources plays, but major indexes posted
their biggest weekly decline in three months.Oil prices rose in Asian
trade, setting crude futures on course for one of their biggest weekly gains
this year, as sentiment has become more upbeat despite ongoing oversupply.Banking stocks are trading higher on the back of higher
volumes. Jammu & Kashmir Bank rises 6%, Oriental Bank of Commerce and
Canara Bank 2.7% each, DCB Bank 2.5%, State Bank of India 2.4%, Bank of India
2.2%, Bank of Baroda 2%, Punjab National Bank 2%, Union Bank of India 2% and
Syndicate Bank 1.6%. The India VIX (Volatility) index was down 3.29% to
16.5125.On the global front, China's Shanghai Composite index closed higher
0.23% and Hang Seng slipped 0.72%.In Europe, the FTSE 100 was trading
marginally lower by 0.95%. On the other hand, DAX and the CAC 40 were down 0.5%
each. The Indian Rupee was trading down 15 paise at 66.54 per US dollar.
Onthe global front,
China's Shanghai Composite index closed higher 0.23% and Hang Seng slipped
0.72%.In Europe, the FTSE 100 was trading marginally lower by 0.95%. On the
other hand, DAX and the CAC 40 were down 0.5% each.The Indian Rupee was trading
down 15 paise at 66.54 per US dollar.Maruti Suzuki, SBI, NTPC, Tata
Motors and M&M are top gainers while HUL, HDFC, Sun Pharma, BHEL and Bharti
Airtel are losers in the Sensex.